簡易檢索 / 詳目顯示

研究生: 林宛頤
Lin, Wan-Yi
論文名稱: 探討本國金融控股公司永續報告書內容對企業獲利及股價的影響
Discuss the impact of the contents of sustainability reports of domestic financial holding companies on corporate profits and stock prices
指導教授: 施人英
Shih, Jen-Ying
口試委員: 施人英
Shih, Jen-Ying
陳文華
Chen, Wun-Hwa
周世玉
Chou, Shih-Yu
口試日期: 2024/05/06
學位類別: 碩士
Master
系所名稱: 高階經理人企業管理碩士在職專班(EMBA)
Executive Master of Business Administration
論文出版年: 2024
畢業學年度: 112
語文別: 中文
論文頁數: 62
中文關鍵詞: ESGTESG分數獲利股價
英文關鍵詞: ESG, TESG scores, profit, stock price
研究方法: 次級資料分析內容分析法
DOI URL: http://doi.org/10.6345/NTNU202400495
論文種類: 學術論文
相關次數: 點閱:126下載:6
分享至:
查詢本校圖書館目錄 查詢臺灣博碩士論文知識加值系統 勘誤回報
  • 為達到2050年淨零排放目標,台灣政府於2021年4月22日地球日宣示投入2050淨零轉型。金管會也在2022年底與環保署、經濟部、交通部、內政部共同公告「永續經濟活動認定參考指引」,讓金融業者及投資人更有效率支持永續發展。本研究欲分析本國金控公司ESG活動亮點,並探討各金控TESG分數是否影響金控公司的獲利和股價。研究目的希望以實證結果提供其他產業永續經營活動參考,也讓投資人知悉各家金控業在ESG活動的努力和成果,作為投資參考指標。本研究以本國十三家金控公司為樣本,參考新聞媒體報導及運用內容分析法質性研究各家永續報告書實行特色及亮點;另運用量化研究的迴歸模型探討金控公司永續評分(TESG分數)與公司獲利及股價的關聯性。本研究結果顯示,永續分數與稅後淨利率有正相關,與ROA、ROE及股價報酬率無相關。ESG良好的表現會為公司帶來正向的收益影響,然而影響金控獲利與股價波動因子甚廣,金控與社會永續共存已不僅關乎獲利,而是在履行社會責任的同時,發揮金融影響力串起其他產業及民眾投入ESG活動,通過支持環境保護、社會公益和良好治理,共同邁向淨零目標。

    In order to achieve the 2050 net-zero emissions target, the Taiwan government announced its investment in the 2050 net-zero transformation on Earth Day, April 22, 2021. The Financial Supervisory Commission also jointly announced the "Reference Guidelines for the Certification of Sustainable Economic Activities" at the end of 2022 with the Environmental Protection Agency, the Ministry of Economic Affairs, the Ministry of Transport, and the Ministry of Interior to allow financial industry players and investors to support sustainable development more efficiently. This study intends to analyze the highlights of ESG activities of domestic financial holding companies and explore whether the TESG scores of each financial holding company affect the profits and stock prices. The purpose of the research is to use empirical results to provide a reference for sustainable management activities in other industries, and also to let investors know the efforts and results of various financial holding industries in ESG activities, as an investment reference indicator. This study uses 13 domestic financial holding companies as a sample, refers to news media reports, and uses content analysis to qualitatively study the performance characteristics and highlights of each sustainability report; it also uses regression models and line charts of quantitative research to explore the relationships among financial holding companies’ sustainability scores (TESG score), profits and stock prices.The results of this study show that the sustainability score is positively related to the after-tax net profit margin, but has no correlation with ROA, ROE and stock price return. Good ESG performance will have a positive impact on the company's earnings. However, there are many factors that affect financial holdings' profits and stock price fluctuations. The sustainable coexistence of financial holdings and society is not only about profits, but also while fulfilling social responsibilities, use financial influence to connect other industries and people to invest in ESG activities, and jointly move towards the net-zero goal by supporting environmental protection, social welfare and good governance.

    第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的 2 第三節 論文架構 3 第二章 文獻探討 4 第一節 企業實行ESG對獲利的影響 4 第二節 企業實行ESG對股價的影響 5 第三章 資料與研究方法 7 第一節 資料來源與範圍 7 第二節 提出研究問題 8 第三節 研究方法與變數定義 9 第四章 實證結果分析 14 第一節 質性分析 14 第二節 數據分析 23 第五章 結論與建議 28 第一節 研究結論 28 第二節 研究建議 28 參考文獻 29 附錄 34

    李大維(2022),ESG對台灣上市櫃公司股票報酬之影響,以新冠肺炎疫情期間為例,國立台灣大學管理學院財務金融學系碩士論文
    沈中華, & 張元(2008),企業的社會責任為可以改善財務績效嗎?-以英國 FTSE 社會責任指數為例,經濟論文, 36(3), 339-385.
    林昱宏(2022),企業ESG在疫情期間的股價影響-以大型金控為例
    林美金(2021),企業 ESG 表現與財務績效之關聯性分析,國立金門大學企業管理學系碩士論文
    洪惠香(2023),台灣銀行業投入 ESG 對其財務績效之影響, 國立中正大學管理學院財務金融系碩士論文
    陳亭吟(2021) ,ESG評比對危機下銀行業股價表現之影響──來自COVID-19危機的證據,國立台灣大學管理學院財務金融學系碩士論文
    張育維(2017),企業社會責任揭露程度與財務績效之關聯性,淡江大學會計學系碩士班學位論文, 1-82.
    黃佳菁(2023) ,公司揭露企業社會責任(CSR)報告對股價之影響分析-以負面ESG訊息為例,國立宜蘭大學應用經濟與管理學系碩士論文
    詹雯瑾(2017),公司治理與財務績效-以台灣上市電子公司為例,朝陽科技大學財務金融系學位論文, 1-36.
    劉映佳(2020),ESG,財務績效與投資價值關聯性,中興大學財務金融學系所學位論文, 1-31.
    劉欣旻 (2022),「ESG投入與股價崩盤風險—以台灣電子產業為例」,碩士論文,國立中正大學財務金融系研究所
    Adam, A. M. and T. Shavit (2008). "How can a ratings-based method for assessing corporate social responsibility (CSR) provide an incentive to firms excluded from socially responsible investment indices to invest in CSR?" Journal of business ethics 82: 899-905.
    Amir Amel-Zadeh, George Serafeim (2017). Why and How Investors Use ESG Information:Evidence from a Global Survey. Financial Analysts Journal, 2018, Volume 74 Issue 3, p.87-103.
    Broadstock, D.C., Matousek, R., Meyer, M.,& Tzeremes, N. G.(2020). Does corporate social responsibility impact firm's innovation capacity? The indirect link between environmental & social governance implementation and innovation performance. Journal of Business Research, 119, 99-110.
    Cochran, P. L. and R. A. Wood (1984). "Corporate social responsibility and financial performance." Academy of management Journal 27(1): 42-56.
    Chen, H. Y., & Yang, S. S. (2020). Do investors exaggerate corporate ESG information? Evidence of the ESG momentum effect in the Taiwanese market. Pacific-Basin Finance Journal, 63, 101407.
    Eccles, R. G., I. Ioannou and G. Serafeim (2014). "The impact of corporate sustainability onorganizational processes and performance." Management science 60(11): 2835-2857.
    Emirhan Ilhan, Philipp Krueger, Zacharias Sautner and Laura T. Starka (2020).Climate Risk Disclosure and Institutional Investors. Finance Working Paper, No.661/2020, 47-66.
    Friede, G., Buech, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of sustainable finance & investment, 5(4), 210-233.
    Garcia, A. S., Mendes-Da-Silva, W., & Orsato, R. J.(2017). Sensitive industries produce better ESG performance: Evidence from emerging markets. Journal of cleaner production, 150, 135-147.
    Jagannathan, R., Ravikumar, A., & Sammon, M. (2017). Environmental, social, and governance criteria: Why investors are paying attention (No. w24063). National Bureau of Economic Research.
    Naaraayanan, S. L., Sachdeva, K., & Sharma, V. (2021). The real effects of environmental activist investing. European Corporate Governance Institute-Finance Working Paper, (743).
    Rompotis, G. G. (2022). The ESG ETFs in the UK. Journal of Asset Management, 23(2), 114-129.
    Shakil, M. H. (2021). Environmental, social and governance performance and financial risk: Moderating role of ESG controversies and board gender diversity. Resources Policy, 72, 102144.
    Waddock, S. A. and S. B. Graves (1997). "The corporate social performance–financial performance link." Strategic management journal 18(4): 303-319.
    Zhou Dongyi, and Rui Zhou (2022). ESG Performance and Stock Price Volatility in Public Health Crisis:Evidence from CONID-19 Pandemic.
    公開資訊觀測站。線上檢索:2023年12月30號,檢自https://mops.twse.com.tw/mops/web/index
    TEJ台灣經濟新報。線上檢索:2024年04月05號,檢自https://www.tejwin.com/news/
    今周刊網站。線上檢索:2023年11月25號,檢自https://www.businesstoday.com.tw/article/category/183008/post/202301110026/
    https://esg.businesstoday.com.tw/article/category/221167/post/202212160010
    工商時報網站。線上檢索: 2024年03月04號,檢自https://www.ctee.com.tw/news/20231222701997-430304
    https://www.ctee.com.tw/news/20231222701863-431207
    https://www.ctee.com.tw/news/20240207700479-431201
    https://www.ctee.com.tw/news/20231110700181-439901
    https://www.ctee.com.tw/news/20240116701593-430503
    https://www.ctee.com.tw/news/20231117702069-430304
    https://www.ctee.com.tw/news/20231208701657-430304
    https://www.ctee.com.tw/news/20231026700840-431201
    https://www.ctee.com.tw/news/20230712700988-439803
    https://www.ctee.com.tw/news/20231116701974-430301
    https://www.ctee.com.tw/news/20231209700692-430301
    https://www.ctee.com.tw/news/20231115701853-430304
    https://www.ctee.com.tw/news/20231223700509-431201
    https://www.ctee.com.tw/news/20210901700971-439803
    經濟日報網站。線上檢索: 2024年03月07號,檢自https://money.udn.com/money/story/5613/7644329?from=edn_search_result
    https://money.udn.com/money/story/6722/7761100?from=edn_search_result
    https://www.gvm.com.tw/article/88379
    https://money.udn.com/money/story/5613/7763209?from=edn_search_result
    https://money.udn.com/money/story/5613/7659590?from=edn_search_result
    https://money.udn.com/money/story/5613/7674409?from=edn_search_result
    https://money.udn.com/money/story/5613/7636920?from=edn_search_result
    https://money.udn.com/money/story/5613/7691851?from=edn_search_result
    https://money.udn.com/money/story/6722/7662763?from=edn_search_result
    https://money.udn.com/money/story/5613/7600398
    聯合報網站。線上檢索: 2024年03月07號,檢自https://money.udn.com/money/story/5613/7641863
    遠見雜誌網站。線上檢索: 2024年03月07號,檢自https://www.gvm.com.tw/article/88379
    https://www.gvm.com.tw/article/100933
    https://www.gvm.com.tw/article/109208
    https://www.gvm.com.tw/article/106142
    https://www.gvm.com.tw/article/105206
    中央社網站。線上檢索: 2024年04月07號,檢自https://www.cna.com.tw/news/firstnews/202101110285.aspx#:~:text=
    周刊王CTWANT網站。線上檢索: 2024年04月07號,檢自
    https://tw.news.yahoo.com/%E9%96%8B%E7%99%BC%E9%87%912022%E7%8D%B2%E5%88%A9%E7%A0%8D%E5%8D%8A%E8%BF%91164%E5%84%84-%E6%AF%8F%E8%82%A1%E7%9B%88%E9%A4%980-98%E5%85%83-100249442.html
    ETtoday新聞雲。線上檢索: 2024年04月07號,檢自https://finance.ettoday.net/news/2420269

    下載圖示
    QR CODE